Agents, do you have a successful way of working with wholesalers?

[Robert Adams]

My team and I have been getting bombarded with wholesalers looking to get started in investing. We used to work with wholesalers but unfortuntely it has become a major waste of time. Typically what happens is the wholesaler is new, went to an event and now wants to find deals.

We find the deals, get them under contract and then the wholesaler can't produce their end buyer/investor and the deal crumbles. This is not only a waste of everyone's time but a bad mark on our team reputation here locally that I take seriously.

Due to this we stopped doing double closings and assignable contracts for wholesalers (we still do assignable contracts for a select few clients that have different scenarios that require it). We have started filtering these wholesalers out by requiring the end buyer to be on the offer from the beginning and the wholesale fee be worked out up front. This has screened out about 99% of the wholesalers.

I am getting so many buyer leads that want to wholesale still, so I thought it was worth asking if other agents have a process that has worked for them that is mutually beneficial where we can help these clients and actually get to the finish line without wasting all of our time. Thanks in advance. 

[Eliott Elias]

Wholesalers are the key to good deals, most are new and can't find a deal to save their life, doesn't mean they can't be good deal finders in 3 months. Keep the relationships and continue to get deals sent to you by them.